Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually.
Options:
A . 3107
B . 3109
C . 3111
D . 3113
Answer: Option B
Time = 2 years 4 months = 2(4/12) years = 2(1/3) years. Amount = Rs. [8000 X (1+(15/100))^2 X (1+((1/3)*15)/100)] =Rs.[8000 * (23/20) * (23/20) * (21/20)]=Rs. 11109 C.I.=Rs.(11109-8000)=Rs.3109.
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